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Welfare Maximization, Pricing, And Allocation With A Product Performance Or Environmental Quality Standard: Illustration For The Gasoline And Additives Market, Paul W. Gallagher, Hosein Shapouri, Jeffrey Price Jun 2006

Welfare Maximization, Pricing, And Allocation With A Product Performance Or Environmental Quality Standard: Illustration For The Gasoline And Additives Market, Paul W. Gallagher, Hosein Shapouri, Jeffrey Price

Economics Publications

Programming models approximate market prices and quantities when regulations constrain firm choices, because market outcomes result when welfare is appropriately defined and includes performance and environmental constraints. This study discusses market operation in quality-constrained sectors, like gasoline and additives; processors expand output until marginal processing cost equals the processing margin between product revenues and raw material costs; retailers who buy gasoline and additives from processors and sell blended retail gasoline price sales at a marginal cost that includes the blended input value plus adjustments for values of constrained attributes; and market supplies and demands of measurable attributes like octane are ...


Socioeconomic Factors Affecting Household Expenditures On Fresh And Prepared Seafood: The Spanish Case, Justo Manrique, Helen H. Jensen May 2006

Socioeconomic Factors Affecting Household Expenditures On Fresh And Prepared Seafood: The Spanish Case, Justo Manrique, Helen H. Jensen

Economics Publications

Spain is one of the largest consumers of seafood in the world and its consumption of both fresh and prepared seafood has increased in past years.1 The changes have been attributed to health and nutrition concerns, as well as increased demand for time-saving goods and services.2 Seafood expenditures represented nearly 13% and 14% of total food expenditures in 1991 and 2002 respectively and about 52% of these were on prepared products (Gracia and Albisu 1995; Papageorgiou 2002; Escudero 2003).3 According to the predictions of the “Theory of the Allocation of Time” and its extensions (Becker 1965; Gronau ...


Ethanol Blend: Ready For Prime Time?, Paul W. Gallagher Mar 2006

Ethanol Blend: Ready For Prime Time?, Paul W. Gallagher

Economics Publications

People and decision-makers know about the jobs benefit from the Midwest's growing ethanol industry. However, the possibility of relief from high gasoline prices is not as well-advertised. E85, an ethanol-based fuel substitute for gasoline has potential. But important aspects of the market situation have been excluded or described in a one-sided fashion.


Incentive-Based Approaches To Sustainable Fisheries, R. Quentin Grafton, Ragnar Arnason, Trond Bjørndal, David Campbell, Harry F. Campbell, Colin W. Clark, Robin Connor, Diane P. Dupont, Rögnvaldur Hannesson, Ray Hilborn, James E. Kirkley, Tom Kompas, Daniel E. Lane, Gordon R. Munro, Sean Pascoe, Dale Squires, Stein Ivar Steinshamn, Bruce R. Turris, Quinn Weninger Mar 2006

Incentive-Based Approaches To Sustainable Fisheries, R. Quentin Grafton, Ragnar Arnason, Trond Bjørndal, David Campbell, Harry F. Campbell, Colin W. Clark, Robin Connor, Diane P. Dupont, Rögnvaldur Hannesson, Ray Hilborn, James E. Kirkley, Tom Kompas, Daniel E. Lane, Gordon R. Munro, Sean Pascoe, Dale Squires, Stein Ivar Steinshamn, Bruce R. Turris, Quinn Weninger

Economics Publications

The failures of traditional target-species management have led many to propose an ecosystem approach to fisheries to promote sustainability. The ecosystem approach is necessary, especially to account for fishery ecosystem interactions, but by itself is not sufficient to address two important factors contributing to unsustainable fisheries: inappropriate incentives bearing on fishers and the ineffective governance that frequently exists in commercial, developed fisheries managed primarily by total-harvest limits and input controls. We contend that much greater emphasis must be placed on fisher motivation when managing fisheries. Using evidence from more than a dozen natural experiments in commercial fisheries, we argue that ...


Reexamining Rural Decline: How Changing Rural Classifications Affect Perceived Growth, Georgeanne Artz, Peter Orazem Jan 2006

Reexamining Rural Decline: How Changing Rural Classifications Affect Perceived Growth, Georgeanne Artz, Peter Orazem

Economics Publications

This article illustrates the commonly overlooked sample selection problem inherent in using rural classification methods that change over time due to population changes. Since fast-growing rural areas grow out of their rural status, using recent rural definitions excludes the most successful places from the analysis. Average economic performance of the areas remaining rural significantly understates true rural performance. We illustrate this problem using one rural classification system, rural-urban continuum codes. Choice of code vintage alters conclusions regarding the relative speed of rural and urban growth and can mislead researchers regarding magnitudes and signs of factors believed to influence growth.


Evaluating The Market And Welfare Impacts Of Agricultural Policies In Developed Countries: Comparison Of Partial And General Equilibrium Measures, Alexandre Gohin, Giancarlo Moschini Jan 2006

Evaluating The Market And Welfare Impacts Of Agricultural Policies In Developed Countries: Comparison Of Partial And General Equilibrium Measures, Alexandre Gohin, Giancarlo Moschini

Economics Publications

We revisit the question of choosing partial equilibrium or general equilibrium modeling in applied policy analysis in the context of evaluating the effects of a complete phase-out of the Common Agricultural Policy (CAP) of the European Union. We compare the results of three models—two three-sector general equilibrium models (one with an additional major distortion in the nonagricultural sector) and a two-sector partial equilibrium model. We find that the market effects of a complete phase-out of the CAP are quite comparable across these models. On the other hand, the measured welfare impacts may depend on the modeling choice.


Like-Kind Exchanges: A Popular Option For Property Transfers, Neil Harl Jan 2006

Like-Kind Exchanges: A Popular Option For Property Transfers, Neil Harl

Economics Publications

In the decades since the like-kind exchange provision 1 was enacted, 2 the concept has become popular among property owners. Indeed, the concept has become so popular that calls are being heard for the Internal Revenue Code sections to be limited or even repealed. Those sentiments appear to be driven primarily by concerns over the impacts of like-kind exchanges on land values.


Consumer Issues And Demand, Helen H. Jensen Jan 2006

Consumer Issues And Demand, Helen H. Jensen

Economics Publications

Consumers worldwide are driving changes in animal agriculture. Rising consumer income, changing demographics and lifestyles, and shifting preferences due to new information about the links between diet and health all contribute to new demands for foods. At the same time, technological changes in production, processing and distribution, structural change and growth in large-scale retailing, and expansion of trade worldwide have contributed to a rapidly changing market for food products. Changes in demand for meat and other animal products reflect these developments.


Winners And Losers: Formula Versus Competitive Funding Of Agricultural Research, Wallace E. Huffman, George Norton, Greg Traxler, George Frisvold, Jeremy Foltz Jan 2006

Winners And Losers: Formula Versus Competitive Funding Of Agricultural Research, Wallace E. Huffman, George Norton, Greg Traxler, George Frisvold, Jeremy Foltz

Economics Publications

State Agricultural Experiment Stations (SAESs) were established with federal formula funding by the Hatch Act of 1887. In 1955, the Hatch Act was amended and a number of subsequent formula funding programs were consolidated under the USDA Cooperative States Research Service (CSRS), which today is known as the Cooperative Research, Education and Extension Service (CSREES). Currently, all of the Hatch funds and a small amount of other formula funds go to SAESs. In 1977, CSRS established its first competitive research grant program. However, this program remained quite small until 1990, when it was re-named the National Research Initiative (NRI) Competitive ...


The International Competitiveness Of The U.S. Corn-Ethanol Industry: A Comparison With Sugar-Ethanol Processing In Brazil, Paul Gallagher, Guenter Schamel, Hosein Shapouri, Heather Brubaker Jan 2006

The International Competitiveness Of The U.S. Corn-Ethanol Industry: A Comparison With Sugar-Ethanol Processing In Brazil, Paul Gallagher, Guenter Schamel, Hosein Shapouri, Heather Brubaker

Economics Publications

An indicator of competitive position, the cost difference between ethanol import from Brazil with sugar processing and domestic production with corn in the United States under ideal conditions without tariffs in the ethanol market, is developed conceptually. An ex ante version of the indicator that is based on historical prices and today's technology is calculated for the last 30 years and subjected to time series analysis. Results suggest that there are no trends, but there are cyclical periods of advantage for both industries. Further, long-term averages suggest that profits would be similar in both countries under ideal trade conditions ...


The Constitutionality Of Generic Advertising Checkoff Programs, John Crespi, Roger A. Mceowen Jan 2006

The Constitutionality Of Generic Advertising Checkoff Programs, John Crespi, Roger A. Mceowen

Economics Publications

Until recently, the legal status of generic advertising programs seemed questionable. After an initial victory for generic advertising proponents in 1997 in Glickman v. Wileman Brothers & Elliott, Inc. (521 U.S. 457 (1997)), the U.S. Supreme Court ruled four years later in United States v. United Foods, Inc. (533 U.S. 405 (2001)) that the federally-mandated mushroom advertising program was not part of a larger regulatory scheme (as was present in the 1997 case), and was, therefore, unconstitutional as compelled private speech. To many, the marketing of mushrooms under the checkoff statute at the heart of the United Foods ...


Managing European Corn Borer Resistance To Bt Corn With Dynamic Refuges, Silvia Secchi, Terrance M. Hurley, Bruce A. Babcock, Richard L. Hellmich Jan 2006

Managing European Corn Borer Resistance To Bt Corn With Dynamic Refuges, Silvia Secchi, Terrance M. Hurley, Bruce A. Babcock, Richard L. Hellmich

Economics Publications

Genetically engineered Bt (Bacillus thuringiensis) corn provides farmers with a new tool for controlling the European corn borer (ECB). The high efficacy and potential rapid adoption of Bt corn has raised concerns that the ECB will develop resistance to Bt. The Environmental Protection Agency has responded to these concerns by requiring farmers to plant refuge corn. Current refuge requirements are based on models that do not consider the value of dynamically varying refuge in response to increased scarcity and diminished control over time or the importance of backstop technologies currently being developed. The purpose of this chapter is to evaluate ...


Agent-Based Computational Modeling And Macroeconomics, Leigh Tesfatsion Jan 2006

Agent-Based Computational Modeling And Macroeconomics, Leigh Tesfatsion

Economics Publications

How should economists model the relationship between macroeconomic phenomena and microeconomic structure? Economists have been struggling to answer this question for decades. Nevertheless, the Walrasian equilibrium model devised by the nineteenth century French economist Leon Walras (1834-1910) still remains the fundamental paradigm that frames the way many economists think about this issue. Competitive models directly adopt the paradigm. Imperfectly competitive models typically adopt the paradigm as a benchmark of coordination success. Although often critiqued for its excessive abstraction and lack of empirical salience, the paradigm has persisted.


Energy Production With Biomass: What Are The Prospects?, Paul W. Gallagher Jan 2006

Energy Production With Biomass: What Are The Prospects?, Paul W. Gallagher

Economics Publications

The advantages and limitations of the U.S. ethanol industry have both become apparent during the current period of high petroleum prices. One advantage is that ethanol is cost-reducing as a gasoline additive and as a gasoline replacement using E85 (motor fuel blends of 85 percent ethanol and just 15 percent gasoline). However, corn supply limits ethanol's role in energy markets; ethanol-based corn demand will surpass exports when the 7.5 billion gallon Renewable Fuel Standard is fully implemented; and even if the Midwest were to secede from The Union, the entire Midwestern corn crop could only supply two-thirds ...